This information is provided for information purposes only. Neither TMX Group Inc. nor any of its affiliated companies guarantees the completeness of the information contained in this document and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. © 2008 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this document without TSX Inc.’s prior written consent. A Global Resource for Mining

2 Disclaimer This document is for information purposes only and is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TMX Group Inc. and its affiliates do not endorse or recommend any securities referenced in this document. Please seek professional advice to evaluate specific securities. While the information herein is collected and compiled with care, neither TMX Group Inc. nor any of its affiliated companies represents, warrants or guarantees the accuracy or the completeness of the information. You agree not to rely on the information contained herein for any trading, business or financial purpose. This information is provided with the express condition, to which by making use thereof you expressly consent, that no liability shall be incurred by TMX Group Inc. and/or any of its affiliates as a result of any errors or inaccuracies herein or any use or reliance upon this information. © 2008 TMX Group Inc.

3 1.Globally Competitive 2.The Mining Sector 3.Listing on TSX or TSX Venture Exchange 4.African Focus and Case Studies Outline

4 Multi-Asset Class Exchange Group (53% Ownership) (47% Ownership) Equities Data Energy Derivatives Fixed Income

5 7 th largest exchange group Based on domestic market cap of listed issuers on TSX and TSXV (WFE, Sept 2008) 1 st in North America 2 nd globally Based on number of listed issuers on TSX and TSXV (WFE, Sept 2008) 5

6 TSX and TSX Venture Exchange are leaders in the resources sector 1 st in Mining Home to over 55% of the world’s public mining companies 1 st in Energy Home to 44% of the world’s public energy companies

7 2,261 companies 37 graduates to senior market in first nine months of graduates to senior market in ,587 companies TSX Venture Exchange Access to capital for earlier stage companies or smaller financings Total market cap of $29.9 Billion & average market cap of $13.2MM Cost effective stepping stone for international companies looking to list on a quality North American market Exchange mandate to mentor management of newly public companies Streamlined graduation to TSX when senior market requirements are met 101 year history Toronto Stock Exchange Senior market for well established businesses and management teams with experience in public markets Total market cap of $1.66 Trillion & average market cap of $1.05B 30% of TSX issuers >$500M are interlisted on a US exchange Access to larger, more international institutional investors and greater analyst coverage Globally visible specialized indices 155 year history As at 30 September 2008 (excludes NEX) Total of 3,848 Listed Companies

8 Access to Capital - TSX New Listings on TSX Equity Financing on TSX (C$B) $20.9 $23.1 $25.8 $37.3 $ $46.2 $ $ $22.1

9 New Listings on TSX Venture Equity Financing on TSX Venture (C$B) $1.4 $2.4 $ $ $ $ $4.9 Access to Growth Capital - TSXV

10 CDN $ Billion Toronto Stock Exchange Value of Shares Traded Toronto Stock Exchange Value of Shares Traded TSX Venture Exchange Value of Shares Traded TSX Venture Exchange Value of Shares Traded Strong Trading Liquidity 62.0% CAGR 27.2% CAGR CDN $ Billion

11 1.Globally Competitive 2.The Mining Sector 3.Listing on TSX or TSX Venture Exchange 4.African Focus and Case Studies Outline

12 International companies list on our exchanges Total International Listings as at September 30, 2008 = 266 TSX = 160 listings, QMV=$62.0B TSXV =106 listings, QMV= $1.8B Total International Listings as at September 30, 2008 = 266 TSX = 160 listings, QMV=$62.0B TSXV =106 listings, QMV= $1.8B *Other includes Channel Islands, Guernsey TMX Group International Listings by Country/Region TMX Group International Listings by Sector

13 Full Access to International & Domestic Investment Community International Brokers Barclays Capital CSFB Citigroup E*Trade Goldman Sachs HSBC Instinet Interactive Brokers ITG JP Morgan Chase & Co. Macquarie Capital Markets Merrill Lynch Morgan Stanley Newedge Penson Raymond James State Street Timber Hill UBS 80+ Canadian Brokers Including: CIBC World Markets National Bank Financial BMO Nesbitt Burns RBC DS Scotia Capital Markets TD Securities 40% of TSX trading originates from US-based Participating Organizations servicing their US or global institutional and retail client portfolio

14 TSX and TSXV mining companies come from all over the world

15 TSX and TSXV competes directly with LSE and AIM for international mining listings New Mining Listings 2004 to 2008 First Nine Months

16 Source: Exchange Websites As at December 31, 2007 Number of Mining Companies Number of New Mining Companies TSX Group is number one in the world in public mining companies

17 TSX Group is the leading exchange group for mining financing Number of Equity Financings 5-Year (2003 to 2007) Total = 11,014 Deals Value of Equity Financings 5-Year (2003 to 2007) Total = US$106.8 Billion Source: Gamah International, Compiled by TSX Group

18 Our TSX and TSXV mining companies are diverse in their exploration and production activities Source: Canaccord Adams, PwC,TSX *TSXV data based on 100 TSXV companies Breakdown of All TSX Mining Issuers by Primary Metal Breakdown of All TSX Mining Issuers by Primary Metal Breakdown of TSXV-Listed* Mining Issuers by Primary Metal Breakdown of TSXV-Listed* Mining Issuers by Primary Metal

19 Toronto Stock Exchange and TSX Venture Exchange continue to support the mining sector with 115 new listings and 960+ financings QTs = Qualifying Transactions on TSX Venture Exchange Toronto Stock Exchange 36 New Mining Listings Toronto Stock Exchange 36 New Mining Listings TSX Venture Exchange 79 New Mining Listings (Includes 28 Mining QTs) TSX Venture Exchange 79 New Mining Listings (Includes 28 Mining QTs) Value of Mining Equity Financings (C$ Millions) Source: Gamah International, September 2008 Compiled by TSX Group financings September : 364 Mining Companies on TSX Market Cap C$258.6B 1069 Mining Companies on TSXV Market Cap C$15.3B September : 364 Mining Companies on TSX Market Cap C$258.6B 1069 Mining Companies on TSXV Market Cap C$15.3B Increased M&A Activity in the Junior Sector Equity Capital Raised – YTD Sept 2008: TSX: C$3.9B TSXV: C$2.8B Equity Capital Raised – YTD Sept 2008: TSX: C$3.9B TSXV: C$2.8B 2 1 1

20 Liquidity of Mining Stocks 2007 Calendar Year Data TSX+TSXV LSEAIMASX Total Market Cap C$372.3 billion £246.8 billion £15.0 billion A$295.7 billion 12 month Traded Value C$481.9 billion £428.4 billion £12.8 billion A$326.4 billion Trading Turnover 1.29 x1.74 x0.85 x1.10 x Liquidity Source: ASX, LSE/AIM, TSX Please note TSX V trading turnover is 0.96x

21 1.Globally Competitive 2.The Mining Sector 3.Listing on TSX or TSX Venture Exchange 4.African Focus and Case Studies Outline

22 TSX and TSX Venture have tailored listing requirements for Mining, Oil and Gas and various Industrial sectors Adequate funds and appropriate capital structure to cover all planned expenses for a certain period of time (varies with each sector or exchange) or Based on Earnings and Cash flow requirements Net tangible asset requirements Require public company experience including experience in the Canadian capital markets. Independent directors, CFO and corporate secretary 200 global public board lot shareholders on TSX Venture and 300 on TSX. There is no requirement for Canadian shareholders. We strongly recommend a shareholder base in North America for a successful listing and a plan to develop a liquid market Property requirements and stage of project varies for each Exchange. Technical reports prepared by independent qualified professionals conforming to standards set under NI and NI JORC, SAMREC, etc. resource and reserve standards are recognized for purposes of reporting under NI One time requirement at the time of listing. Generally required for a new entrant unless the company: is profitable, or completes a prospectus/financing with TSX brokers or sufficient due diligence completed on other market. Nomad requirement not applicable in Canada FINANCIAL BOARD OF DIRECTORS AND MANAGEMENT DISTRIBUTION OF SHARES SPONSORSHIP TECHNICAL STANDARDS – MINING AND OIL AND GAS

23 TSX Group has listing criteria specifically for the mining sector MINIMUM LISTING REQUIREMENTS TORONTO STOCK EXCHANGE SENIOR (EXEMPT) TORONTO STOCK EXCHANGE PRODUCER TORONTO STOCK EXCHANGE EXPLORATION OR DEVELOPMENT TSX VENTURE EXCHANGE TIER 1 TSX VENTURE EXCHANGE TIER 2 FINANCIALCOMMERCIAL PRODUCTION $7.5 MILLION NET TANGIBLE ASSETS $300,000 PRE-TAX EARNINGS AND $700,000 PER-TAX CASH FLOW (AND TWO YEAR AVERAGE OF $500,000) ADEQUATE FUNDS TO COMMERCIALIZE $4 MILLION NET TANGIBLE ASSETS 18 MONTH PROJECTION OF SOURCES & USES $750,000 WORK PROGRAM $3 MILLION NET TANGIBLE ASSETS $2 MILLION WORKING CAPITAL 18 MONTH PROJECTION OF SOURCES & USES $500, MONTH WORK PROGRAM $2 MILLION NET TANGIBLE ASSETS $100,000 UNALLOCATED $200, MONTH WORK PROGRAM $100,000 UNALLOCATED DISTRIBUTIONPUBLIC FLOAT OF $4 MILLION 300 PUBLIC SHAREHOLDERS PUBLIC FLOAT OF $4 MILLION 300 PUBLIC SHAREHOLDERS PUBLIC FLOAT OF $4 MILLION 300 PUBLIC SHAREHOLDERS PUBLIC FLOAT OF $1 MILLION AND 20% OF ISSUED AND OUTSTANDING 200 PUBLIC SHAREHOLDERS PUBLIC FLOAT OF $500,000 AND 20% OF ISSUED AND OUTSTANDING 200 PUBLIC SHAREHOLDERS TECHNICAL3 YEARS PROVEN AND PROBABLE RESERVES 3-D CONTINUITY AND INTERESTING ECONOMIC GRADE 50% OWNERSHIP OF PROPERTY MATERIAL INTEREST IN A PROPERTY (SUBSTANTIAL GEOLOGICAL MERIT) SIGNIFICANT INTEREST IN QUALIFYING PROPERTY This table is just an overview. For complete information, please contact Toronto Stock Exchange or TSX Venture Exchange.

24 Special Considerations for International Companies Companies already listed on another senior market may be exempt from certain requirements – includes UK, Australia, South Africa –Need to apply for continuous disclosure from securities commissions –New streamlined TSX listing application for certain exchanges IFRS Accounting/Audit Standards and U.S. GAAP accepted without reconciliation Board and management must have adequate relevant North American public company experience – Canadian directors are not required Must have a plan for adequate shareholder base & distribution of shares to support a liquid market on TSX Canadian office not required – Recommend a contact person in Canada be accessible for shareholders and analyst inquiries Foreign Property Rules lifted by Canadian Revenue Agency – no investment restrictions on foreign companies US disclosure documents accepted in Canada –“Multi-jurisdictional Disclosure System” (MJDS) allows access to Canadian capital markets using US documents

25 1.Globally Competitive 2.The Mining Sector 3.Listing on TSX or TSX Venture Exchange 4.African Focus and Case Studies Outline

26 Mexico: TSXV: 134 Cos TSX: 66 Cos Our mining companies have operations around the world UK/Europe: TSXV: 48 Cos TSX: 29 Cos Source: Infomine November 2008 US: TSXV: 236 Cos TSX: 98 Cos S. America: TSXV: 172 Cos TSX: 90 Cos Africa: TSXV: 96 Cos TSX: 69 Cos Australia/NZ/PNG: TSXV: 38 Cos TSX: 44 Cos India/Asia: TSXV: 69 Cos TSX: 42 Cos Russia & CIS Countries: TSXV: 14 Cos TSX: 18 Cos

27 Our Oil and Gas companies have operations around the world US: 27 Cos C. America & Caribbean: 6 Cos S. America: 24 Cos Australia/NZ/PNG: 7 Cos UK/Europe: 36 Cos Africa: 19 Cos Russia & CIS Countries: 11 Cos Middle East: 10 Cos India/Asia: 14 Cos Source: iradesso Quarterly, Q1 2008

28 TSX and TSXV mining companies are operating in Africa ABERDEEN INTERNATIONAL INC. AFRICAN COPPER PLC AFRICO RESOURCES LTD. ANVIL MINING LIMITED ATNA RESOURCES LTD. AVNEL GOLD MINING LIMITED BANNERMAN RESOURCES LIMITED BANRO CORPORATION BARRICK GOLD CORPORATION BREAKWATER RESOURCES LTD. CALEDONIA MINING CORPORATION CAMECO CORPORATION CANCOR MINES INC. CENTAMIN EGYPT LTD CGA MINING LIMITED CIC ENERGY CORP. CLINE MINING CORPORATION COEUR D ALENE MINES CORP CREW GOLD CORPORATION DENISON MINES CORP. DIAMOND FIELDS INTERNATIONAL LTD. EASTERN PLATINUM LIMITED ELDORADO GOLD CORPORATION ENERGEM RESOURCES INC. EQUINOX MINERALS LIMITED ETRUSCAN RESOURCES INC. EXTRACT RESOURCES LTD FIRST QUANTUM MINERALS LTD FIRST URANIUM CORPORATION FORSYS METALS CORP FRANCO-NEVADA CORPORATION 69 TSX COMPANIES WITH 386 MINING PROPERTIES IN AFRICA Source: Infomine, November 2008 GEOVIC MINING CORP. GOLDBELT RESOURCES LTD. GOLDEN STAR RESOURCES LTD. GREAT BASIN GOLD LTD. HIGH RIVER GOLD MINES LTD. HOMELAND ENERGY GROUP LTD. IAMGOLD CORPORATION INTERNATIONAL ROYALTY CORPORATION KATANGA MINING LIMITED LA MANCHA RESOURCES INC. LIHIR GOLD LTD LUNDIN MINING CORPORATION MDN INC. MEGA URANIUM LTD. MINERAL DEPOSITS LIMITED MOTO GOLDMINES LIMITED MOYDOW MINES INTERNATIONAL INC. NEVSUN RESOURCES LTD. NORTH ATLANTIC RESOURCES LTD. OREZONE RESOURCES INC. PALADIN ENERGY LTD. PLATINUM GROUP METALS LTD. PLATMIN LIMITED RED BACK MINING INC. ROCKWELL DIAMONDS INC. ROYAL GOLD, INC. SEMAFO INC. SHERRITT INTERNATIONAL CORPORATION STORNOWAY DIAMOND CORPORATION TANZANIAN ROYALTY EXPLORATION CORPORATION TEAL EXPLORATION & MINING INCORPORATED TECK COMINCO LIMITED TIGER RESOURCES LIMITED TIOMIN RESOURCES INC. URANIUM ONE INC. VAALDIAM RESOURCES LTD. VOLTA RESOURCES INC. WITWATERSRAND CONSOLIDATED GOLD RESOURCES LIMITED

29 TSX and TSXV mining companies are operating in Africa ADAMUS RESOURCES LIMITED AFFINOR RESOURCES INC. AFRI-CAN MARINE MINERALS CORPORATION AFRICA WEST MINERALS CORP. AFRICAN AURA RESOURCES LIMITED AFRICAN GOLD GROUP, INC. AFRICAN METALS CORPORATION AFRICAN QUEEN MINES LTD. AGUILA AMERICAN RESOURCES LTD. ALDERSHOT RESOURCES LTD. AMI RESOURCES INC. ANOORAQ RESOURCES CORPORATION ATOMIC MINERALS LTD. AVION RESOURCES CORP. AXMIN INC. AZURE RESOURCES CORPORATION BAYSWATER URANIUM CORPORATION BEARTOOTH PLATINUM CORPORATION BRC DIAMONDCORE LTD. CANACO RESOURCES INC. CANAF GROUP INC. CASSIDY GOLD CORP. CASTILLIAN RESOURCES CORP. CHANNEL RESOURCES LTD. CONQUEST RESOURCES LIMITED CONTINENTAL NICKEL LIMITED CREAM MINERALS LTD. CURRIE ROSE RESOURCES INC. DELTA EXPLORATION INC. DIAMCOR MINING INC. DYNAMITE RESOURCES LTD. EL NINO VENTURES INC. GEE-TEN VENTURES INC. GLOBAL MINERALS LTD. GLOBAL URANIUM CORPORATION GOLD WHEATON GOLD CORP. GOLDRUSH RESOURCES LTD. GREAT QUEST METALS LTD. GREENCASTLE RESOURCES LTD HANA MINING LTD. HANSA RESOURCES LIMITED HELIO RESOURCE CORP. IBI CORPORATION ICS COPPER SYSTEMS LTD. INDICATOR MINERALS INC. INTERNATIONAL BARYTEX RESOURCES LTD INTERNATIONAL BERYLLIUM CORPORATION INTERNATIONAL GOLD MINING LIMITED ISLAND ARC EXPLORATION CORP. KANSAI MINING CORPORATION KEEGAN RESOURCES INC. LA QUINTA RESOURCES CORPORATION LAKOTA RESOURCES INC. LUCARA DIAMOND CORP. LUIRI GOLD LIMITED MAJESCOR RESOURCES INC. MANO RIVER RESOURCES INC. MEDORO RESOURCES LTD. MELKIOR RESOURCES INC. MERREX GOLD INC. METALEX VENTURES LTD. MEXIVADA MINING CORP. MIDLANDS MINERALS CORPORATION MONROE MINERALS INC. MOTAPA DIAMONDS INC. MOUNTAIN LAKE RESOURCES INC. NAVASOTA RESOURCES LTD. NICO MINING LIMITED NORDIC DIAMONDS LTD. ODYSSEY RESOURCES LIMITED OROMIN EXPLORATIONS LTD. PACIFIC WILDCAT RESOURCES CORP. PANCONTINENTAL URANIUM CORPORATION PELANGIO EXPLORATION INC. PENCARI MINING CORPORATION PITCHSTONE EXPLORATION LTD. PMI GOLD CORPORATION RIVERSTONE RESOURCES INC. ROBEX RESOURCES INC. ROCKGATE CAPITAL CORP. ROYAL ROADS CORP. SANU RESOURCES LTD. SEARCHGOLD RESOURCES INC. SIMBERI MINING CORPORATION 96 TSX VENTURE EXCHANGE COMPANIES WITH 370 MINING PROPERTIES IN AFRICA Source: Infomine, November 2008 SIMBERI MINING CORPORATION SOLOMON RESOURCES LIMITED SOUTHAMPTON VENTURES INC. SPHERE RESOURCES INC. STELLAR PACIFIC VENTURES INC. SUNRIDGE GOLD CORP. SUPERIOR MINING INTERNATIONAL CORPORATION TSODILO RESOURCES LIMITED UCORE URANIUM INC. UNITED REEF LIMITED URANIUM BAY RESOURCES INC. VANGOLD RESOURCES LTD. XEMPLAR ENERGY CORP.

30 Case Studies

31 Case Study:First Quantum Minerals Ltd. TSX:FM LSE:FQM TSX Trading Volume: –Average daily volume in 2004 = 180,480 shares –Average daily volume in 2005 = 206,980 shares –Average daily volume in 2006 = 374,370 shares –Average daily volume in 2007 = 585,137 shares –Average daily volume in 2008 YTD Sept = 537,197 shares Financings: –$17.6 Million private placement in 2000 –$30.8 Million secondary offering in 2001 –$17.9 Million private placement in 2002 –$58.9 Million secondary offering in 2003 –$56.0 Million secondary offering in 2004 Analyst Coverage: –Sixteen Canadian analysts, two UK analysts and one South African analyst covering First Quantum as at November 25, 2008 Listing Date:January 11, 2000 Listing Type:TSX Venture Graduate Market Cap:$1.2 Billion (as at November 24, 2008) First Quantum Minerals Ltd. is a growing mining and metals company whose principal activities include mineral exploration, development and mining in Africa. The Company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid.

32 Case Study:First Uranium Corporation TSX:FIU JSE:FIU TSX Trading Volume: –Average daily volume in 2007 = 595,757 shares –Average daily volume in 2008 YTD Sept = 208,155 shares Financings: –$203.0 Million IPO in December, 2006 –$150.0 Million secondary offering in September, 2007 Analyst Coverage: –Three Canadian analysts and one South African analyst covering First Uranium as at November 25, 2008 Listing Date:December 19, 2006 Listing Type:IPO Market Cap:$200.5 Million (as at November 24, 2008) First Uranium Corporation is a resources company focused on the development of uranium and gold projects in South Africa. The Company’s goal is to become a significant producer of uranium and gold through the re-opening and development of the Ezulwini underground mine and the construction of the Buffelsfontein tailings recovery facility. To expand its production profile, First Uranium plans to continue to identify and acquire additional uranium projects in South Africa.

33 TSX Trading Volume: –Average daily volume in March, 2008 = 479,247 shares –Average daily volume in May, 2008 = 438,278 shares –Average daily volume in September, 2008 = 797,521 Listing Date:March 5, 2008 Listing Type:TSXV Graduate (CPC directly to TSX) Market Cap:$14.3 Million (as at November 24, 2008) Homeland Energy Group Ltd. is focused on energy exploration and development in Southern Africa. Homeland owns three advanced development/predevelopment coal projects in South Africa and a number of early-stage exploration properties in the provinces of Mpumalanga and Kwa-Zulu Natal. The Company is currently negotiating to acquire interests in a number of additional coal properties in eastern South Africa and neighbouring countries. Homeland is a significant shareholder in Homeland Uranium Inc., a Canadian uranium exploration and development focused on projects in Niger and the United States. Case Study:Homeland Energy Group Ltd. TSX:HEG

Contact information Janis Koyanagi CA, CFA Director, Business Development & Strategy Toronto Stock Exchange and TSX Venture Exchange Phone: Web: tsx.com